Investec sweetens private-banking offer to lure rich clients

Investec is stepping up its private-banking offering in South Africa and in the UK as the lender looks to attract rich clients across the world and position itself for further growth.

The South Africa- and UK-listed business plans to broaden its offering to include integrated banking, lending and wealth partnerships and an advice-based proposition for affluent clients, it said Thursday.

The pivot comes as the battle for high-net-worth individuals intensifies globally, with banks turning to fee-based income to offset volatile interest margins. In Johannesburg, lenders are launching bespoke private offerings and digital-first wealth platforms to South Africans earning more than R750 000 ($45 000) a year, about four times the average household income.

“If you look at our South African competitors, it is really hard for them to serve high-net-worth clients the way we do given the seamless integration of banking and wealth,” Group Chief Executive Officer Fani Titi said. “Our international presence goes from Switzerland, Channel Islands, and now Dubai, and the UK, of course, so we’re very competitive in how we serve our clients.”

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In the UK, incumbents such as Barclays Plc and HSBC Holdings Plc face stiffening competition in targeting affluent professionals from global players entering the market and local ones looking to deepen their offerings.

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Both markets are seeing a surge in “hyper-personalised” digital services, where AI-driven insights and global investment access are now minimum entry requirements. This rivalry is compressing margins, forcing lenders to bundle lifestyle rewards with traditional asset management to maintain client loyalty.

In South Africa, Investec plans to almost double its private-client base by 2030, targeting a further 122,000 people to join the 128 000 now using its services. It seeks an additional R3 billion in operating profit from the sector and wants to expand its loan book by R100 billion by 2030.

The private-banking franchise will also accelerate its presence in the affluent market through differentiated offerings such as My Investments and Investec Life in partnership with Investec Wealth & Investment International.

In the UK, the lender will transition to be a full-service primary bank that will offer a broader suite of banking services, including current accounts, credit cards, rewards and benefits, supported by digital capabilities.

It also plans to add 5 000 new private-banking clients by 2030 to the current 13 200 and expects the additions to contribute £25 million ($33.6 million) in additional operating profit by 2030.

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The customers will get access to Investec’s Wealth & Investment International offerings, which include wealth management, execution-only global trading, and asset-management services.

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The lender currently provides wealth offerings from Switzerland, Dubai, Mauritius, South Africa, as well as some distribution channels into Latin America. But it is now seeking bolt-on acquisitions that can help it boost earnings growth.

“We have not made an acquisition in the South African business in the last 20 years, and we have actively started to seek opportunities,” Wealth and Investment International Head Joubert Hay said in a separate briefing, adding that the plan will be to remain within its South Africa or Swiss operations.

The unit has R341 billion in assets under management and posted a 14% jump in profit in the year to March.

The bank also plans to leverage its 27 000 annuity clients to generate earnings growth as much as 17% by 2030.

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